WeWork Hits the Stock Markets

▤ Summary

It has renegotiated or exited some 500 leases this year, saving over $400 million, according to its C.E.O., Sandeep Mathrani. It has significantly dialed back the ambitions of Adam Neumann, a founder and former C.E.O., who pitched WeWork as the future of … well, a lot of things. It is still burning cash as customers drop their membership fees in an era of remote working. SoftBank, the company’s biggest backer, faces an uphill climb just to break even on its multibillion-dollar investment. “I made a wrong decision,” Masa Son, SoftBank’s chief, said last year.

▦ Linked Companies

Bloomberg

$1B+